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Biased A Little Cheaper & Steeper As Bunds Drift Lower Overnight


The overnight drift lower in Bunds helps Euribor futures tick lower.

  • Contracts are 0.5-3.5bp softer through the blues.
  • Light steepening pressure is seen on the strip.
  • Late Monday saw the usually dovish ECB chief economist Lane fail to take the prospect of further rate hikes off the table as he stressed that the Bank must be open to doing more if additional shocks become apparent. Lane also underscored the need for rates to be high for as long as is necessary, with a particular focus on wage negotiations.
  • Elsewhere, BBG sources reported that President Lagarde told Eurozone Finance Ministers that “the European Central Bank is watching the oil price for any inflationary impact from the Israel-Hamas conflict.”
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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